Our solicitor has identified a a legal deficiency with the lease for the flat we are buying in Olney. The seller’s lawyers have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer says that he must ensure that the bank is content with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the mortgage company are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
My property lawyer in Olney is not listed on the Virgin Money Solicitor Panel. Can I still retain my family solicitor even though they are excluded from the Virgin Money panel of approved conveyancing solicitors?
The limited options open to you here include:
- Complete the purchase with your existing Olney lawyers but Virgin Money will need to instruct a lawyer on their panel. This will result in additional overall conveyancing charges and cause frustration.
- Find an alternative lawyer to act in the purchase, obviously checking they are Persuade your solicitor to use their best endeavours to join the Virgin Money conveyancing panel
I have been on the look out for a ground for flat up to £235,500 and found one close by in Olney I like with open areas and railway links nearby, however it only has 51 remaining years left on the lease. I can't really find anything else in Olney suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
In my capacity as executor for the will of my aunt I am selling a property in Cardiff but reside in Olney. My lawyer (approximately 235 miles awayneeds me to sign a statutory declaration prior to completion. Can you recommend a conveyancing solicitor in Olney who can witness this legal document for me?
Technically speaking you are unlikely to be required to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are located in Olney
Should local authority consent be needed to convert a single dwelling into two appartments in Olney? This has been done to a property next door to a friend in Olney and was ignorant of it happening until after the works were finished.
Planning Consent yes. Building Reg Approval yes.